DAMIANOS REALTY GROUP ACQUIRES SMITHTOWN OFFICE BUILDING
Smithtown, New York (July 30, 2015) – Damianos Realty Group LLC announced that it has acquired a Smithtown office building.
Family owned Damianos Realty, one of the largest property owners on Long Island, paid $10.625 million for 50 Route 111, Smithtown, a 50,000-square-foot, three-story office building. The seller was Fairfield Properties, of Melville, New York. The transaction closed on July 21.
John LaRuffa of NAI Long Island represented the seller and John Finn of Damianos Realty Group LLC represented the buyer.
The Class-A building, constructed in 1984 and located on the west side of State Route 111 in the Village of the Branch, will be Damianos Realty’s sixth office building in the Village of the Branch. The building currently is 96 percent occupied by various corporate and medical tenants including Merrill Lynch, New York Commercial Bank, the law firm Devitt Spellman Barrett LLP and State Assemblyman Michael Fitzpatrick.
Damianos Realty has engaged Mancini Architecture PLLC to redesign the building’s exterior and lobby. The firm also plans to put a new roof on the building, replace mechanical equipment, bathrooms, hallways, elevators, life safety as well as upgrade landscaping and parking on the 4.4-acre site.
“This building, located within the geographic scope of our business, largely western and central Suffolk County, is an excellent fit for our portfolio,” said Damianos Realty principal X. Cristofer Damianos. “We see tremendous potential once we complete our renovations.”
John Finn, director of leasing and acquisitions at Damianos, added, “This transaction further enhances our professional office portfolio in one of the top performing real estate submarkets on Long Island. This building has a fantastic location and solid tenant roster that will complement our existing portfolio and give us flexibility in meeting our tenants Smithtown office requirements.”